It can be done with the Raw Transactions API but not easily.  You'ld use listunspent to get a list of transactions and filter that for the address you are checking on.  [Update: See jgarzik's response below.]
 - http://en.bitcoin.it/wiki/Raw_Transactions

if you weren't needing bitcoind specifically for this then know that other clients including BitcoinJ, Armory, etc., provide access to this info in a different way.